A slight drop in the foreclosure rate was more than enough to offset a modest bump in mortgage delinquency. Serious delinquency has improved for six consecutive months.
The number of residential loans that were either delinquent at least 30 days or in the foreclosure inventory
came to 2.342 million as of the midpoint of this year.
Included in the June 30 total were 1.932 million mortgages that were at least 30 days delinquent but not in foreclosure and 410,000 loans in the foreclosure inventory.
Black Knight Financial Services reported the performance metrics on Thursday.
The delinquent loan count brought the non-current rate to 4.61 percent. The rate was down a basis point compared to May — when it plunged 27 BPS. An 80-basis point improvement has been made versus June 30, 2016.
Mississippi’s non-current rate was 10.13 percent, higher than any other state. Next was Louisiana’s 8.64 percent, then Alabama’s 7.13 percent, West Virginia’s 6.80 percent and Maine’s 6.63 percent.
At just 2.14 percent, Colorado had last month’s lowest non-current rate.
The latest non-current rate included a 3.80 percent 30-day rate excluding foreclosures. Thirty-day delinquency
inched up a basis point from May 31, 2017, but has plummeted 51 BPS from mid-2016.
Based on an analysis of Black Knight’s data, Mortgage Daily estimates that the 90-day delinquency rate, including foreclosures, was 1.09 percent last month, down 2 BPS from the prior month — when Black Knight said the rate was the lowest in 10 years. Serious mortgage delinquency has fallen each month since December 2016, when the 90-day rate was an estimated 1.34 percent.
Also reflected in the June 30, 2017, non-current rate
was an 0.81 percent pre-sale foreclosure inventory rate, down 2 BPS from a month earlier — which Black Knight previously noted was the lowest rate in a decade. The foreclosure rate was a 29-basis-point improvement over a year earlier.
There were 56,500 foreclosures started last month, more than the preceding month’s 55,800. The latest activity brought to 353,700 the number of foreclosures initiated during the first-half 2017.
